BEIJING, Oct. 13, 2020 /PRNewswire/ -- New Oriental
Education & Technology Group Inc. (the "Company" or "New
Oriental") (NYSE: EDU), the largest provider of private educational
services in China, today announced
its unaudited financial results for the first fiscal quarter ended
August 31, 2020, which is the first
quarter of New Oriental's fiscal year 2021.
Financial Highlights for the First Fiscal Quarter Ended
August 31, 2020
- Total net revenues decreased by 8.0% year-over-year to
US$986.4 million for the first fiscal
quarter of 2021.
- Operating income decreased by 38.9% year-over-year to
US$150.3 million for the first fiscal
quarter of 2021.
- Net income attributable to New Oriental decreased by 16.4%
year-over-year to US$ 174.7million
for the first fiscal quarter of 2021.
Key Financial Results
(in thousands US$,
except per ADS(1) data)
|
1Q
FY2021
|
1Q
FY2020
|
% of
change
|
Net
revenues
|
986,366
|
1,071,777
|
-8.0%
|
Operating
income
|
150,305
|
246,196
|
-38.9%
|
Non-GAAP operating
income (2)(3)
|
166,138
|
257,216
|
-35.4%
|
Net income
attributable to New Oriental
|
174,652
|
208,990
|
-16.4%
|
Non-GAAP net income
attributable to New Oriental (2)(3)
|
184,526
|
230,162
|
-19.8%
|
Net income per ADS
attributable to New Oriental - basic
|
1.10
|
1.32
|
-16.8%
|
Net income per ADS
attributable to New Oriental - diluted
|
1.09
|
1.31
|
-16.5%
|
Non-GAAP net income
per ADS attributable to New Oriental -
basic(3)(4)
|
1.16
|
1.45
|
-20.2%
|
Non-GAAP net income
per ADS attributable to New Oriental -
diluted(3)(4)
|
1.15
|
1.44
|
-19.9%
|
|
|
|
|
(1) Each
ADS represents one common share.
|
(2) GAAP
represents Generally Accepted Accounting Principles in the United
States of America.
|
(3) New
Oriental provides net income attributable to New Oriental,
operating income and net income per ADS
attributable to New Oriental on a non-GAAP basis that excludes
share-based compensation expenses and loss
/ gain from fair value change of long-term investments to provide
supplemental information regarding its
operating performance. For more information on these non-GAAP
financial measures, please see the section
captioned "About Non-GAAP Financial Measures" and the tables
captioned "Reconciliations of Non-GAAP
Measures to the Most Comparable GAAP Measures" set forth at the end
of this release.
|
(4) The
Non-GAAP net income per ADS is computed using Non-GAAP net income
and the same number of shares
and ADSs used in GAAP basic and diluted EPS calculation.
|
Operating Highlights for the First Fiscal Quarter Ended
August 31, 2020
- Total student enrollments in academic subjects tutoring and
test preparation courses increased by 13.5% year-over-year to
approximately 2,961,100 for the first fiscal quarter of 2021.
- The total number of schools and learning centers was 1,472 as
of August 31, 2020, an increase of
211 compared to 1,261 as of August 31,
2019, and an increase of 7 compared to 1,465 as of
May 31, 2020. The total number of
schools was 112 as of August 31,
2020.
Michael Yu, New Oriental's
Executive Chairman, commented, "COVID-19 outbreak continues to
raise hurdles for businesses across the globe, and inevitably
affect our business operations and financial condition for the
first quarter of fiscal year 2021. However, we are pleased to
report a set of encouraging results. Net revenue for the first
quarter was down 8.0% year over year, which is better than what we
guided in the previous quarter. The slight decrease was mainly due
to the delayed enrollment for summer and autumn classes and the
shortening of summer holiday in many major cities by one to two
weeks this year, as well as the delayed resumption of offline
operation in certain cities, such as Beijing. As the pandemic
gradually fades in China, positive
signs of recovery have started to emerge across our business lines
with significant jump in student enrollments. Our key growth
driver, K-12 all-subjects after-school tutoring business, achieved
year-over-year revenue growth of approximately 8%. U-Can middle and
high school all-subjects after-school tutoring business grew by
approximately 9%, while our POP Kids program recorded a growth of
approximately 4%. Overseas related businesses, continued face the
most difficult challenges due to the cancellation of overseas exams
and restrictions on travels. The overseas test preparation business
and the overseas consulting and study tour business declined by
approximately 51% and 31% respectively."
Mr. Yu continued, "Most of the schools in China have resumed face-to face classes since
end of September, hence we have also gradually resumed our offline
operation in all cities that we operate in, including Beijing. We are glad to have seen significant
pick-up in the year-over-year trend of student enrollments and cash
proceeds from students for the autumn semester, which is a positive
sign of recovery. Looking ahead, we believe that our financial
performance will bottom out starting from the second fiscal
quarter. As one of the market leaders in China, we are confident that our continued
improved services and best-in-class learning experience would
enable us to capture more market share and deliver long-term value
for our shareholders."
Chenggang Zhou, New Oriental's
Chief Executive Officer, added, "We expect the industry will
undergo a wave of market consolidation once the pandemic fades
away. We remain committed to ramp up our expansion effort to get
prepared for further taking market share from other players
post-COVID. During this quarter, we opened seven new offline
training schools in new cities. The total square meters of
classroom area by the end of this quarter increased approximately
23% year-over-year, and 1% quarter-over-quarter. I'd also like to
take this opportunity to highlight we have completed a highly
successful summer promotion campaign, targeting grade seven
secondary school and grade three primary school student customers
before they start their new school year. Despite the challenges of
a shortened summer holiday, we are delighted to see the total
promotion enrollments reached 1,079,000, a 31% increase
year-over-year, accompanied by improved student retention
year-over-year. Student enrollments for K-12 after-school tutoring
business during the quarter increase by 21% year-over-year. At the
same time, we have also placed more focus on executing our OMO
(online merging offline) strategy, which enables our service to
virtually reach a broader pool of students in existing cities
and the surrounding satellite cities. In the summer quarter, we
piloted the OMO online courses in around 20 existing cities and
attracted a promising number of new customers. We believe these OMO
initiatives will effectively boost enrollments and speed up the
recovery of businesses in the rest of the year. Last but not least,
our pure online education platform, Koolearn.com have also invested
more resources in upgrading their APP and online platforms,
enhancing the overall in-class learning experience and developing
the teacher training system."
Stephen Zhihui Yang, New
Oriental's Chief Financial Officer, commented, "Despite our topline
faced a bigger pressure this quarter due to the impact caused by
COVID-19, our margin has improved comparing with the previous
quarter. Our Non-GAAP operating margin for the quarter was 16.8%,
down 720 basis points year-over-year, and Non-GAAP net margin for
the quarter was 18.7%, down 280 basis points year-over-year. In
order to minimize the negative impact to our bottom line, we
actively adjusted our operational strategy and made more efforts on
cost control and reducing expenditures, especially for business
lines facing bigger negative impact in the near term. We believe
that our continuous efforts will prepare us to achieve a better
margin recovery in the rest of the year."
Financial Results for the First Fiscal Quarter Ended
August 31, 2020
Net Revenues
For the first fiscal quarter of 2021, New Oriental reported net
revenues of US$986.4 million,
representing an 8.0% decrease year-over-year. Net revenues from
educational programs and services for the first fiscal quarter were
US$935.6 million, representing a
6.1% decrease year-over-year.
Total student enrollments in academic subjects tutoring and test
preparation courses in the first fiscal quarter of 2021 increased
by 13.5% year-over-year to approximately 2,961,100. The
lower-than-normal increase in the number of student enrollments is
primarily due to the delayed enrollment for summer and autumn
classes and the shortening of summer holiday in many major cities
by one to two weeks this year, as well as the delayed resumption of
offline operation in cities such as Beijing due to the re-emergence of COVID-19
cases before the summer holiday.
Operating Costs and Expenses
Operating costs and expenses for the quarter were US$836.1 million, representing a 1.3%
increase year-over-year. Non-GAAP operating costs and expenses for
the quarter, which exclude share-based compensation expenses, were
US$820.2 million, representing a
0.7% increase year-over-year.
- Cost of revenues increased by 5.6% year-over-year to
US$464.9 million, primarily due to
increases in teachers' compensation and higher rental costs for the
increased number of schools and learning centers in operation.
- Selling and marketing expenses increased by 15.5%
year-over-year to US$116.9 million,
primarily due to the addition of a number of customer service
representatives and marketing staff with the aim of capturing the
new market opportunity during the COVID-19 period, especially for
new initiatives in K-12 tutoring on our pure online education
platform, Koolearn.com.
- General and administrative expenses for the quarter
decreased by 10.5% year-over-year to US$254.3 million. Non-GAAP general and
administrative expenses, which exclude share-based compensation
expenses, were US$242.6 million,
representing an 11.3% decrease year-over-year.
Total share-based compensation expenses, which were allocated to
related operating costs and expenses, increased by 43.7%
year-over-year to US$15.8 million in the first fiscal quarter
of 2021.
Operating Income and Operating Margin
Operating income was US$150.3 million, representing a 38.9%
decrease year-over-year. Non-GAAP income from operations for the
quarter was US$166.1 million,
representing a 35.4% decrease year-over-year.
Operating margin for the quarter was 15.2%, compared to 23.0% in
the same period of the prior fiscal year. Non-GAAP operating
margin, which excludes share-based compensation expenses, for the
quarter was 16.8%, compared to 24.0% in the same period of the
prior fiscal year.
Net Income and EPS
Net income attributable to New Oriental for the quarter was
US$174.7 million, representing a
16.4% decrease from the same period of the prior fiscal year. Basic
and diluted earnings per ADS attributable to New Oriental were
US$1.10 and US$1.09, respectively.
Non-GAAP Net Income and Non-GAAP EPS
Non-GAAP net income attributable to New Oriental for the quarter
was US$184.5 million,
representing a 19.8% decrease from the same period of the prior
fiscal year. Non-GAAP basic and diluted earnings per ADS
attributable to New Oriental were US$1.16 and US$1.15, respectively.
Cash Flow
Net operating cash flow for the first fiscal quarter of 2021 was
approximately US$391.6 million.
Capital expenditures for the quarter were US$95.2 million, which were primarily
attributable to opening of 42 facilities and renovations at
existing learning centers.
Balance Sheet
As of August 31, 2020, New
Oriental had cash and cash equivalents of US$1,047.6 million, as compared to
US$915.1 million as of May 31, 2020. In addition, the Company had
US$291.8 million in term
deposits and US$2,778.4 million
in short-term investment.
New Oriental's deferred revenue balance, which is cash collected
from registered students for courses and recognized proportionally
as revenue as the instructions are delivered, at the end of the
first quarter of fiscal year 2021 was US$1,563.1 million, an increase of 17.5% as
compared to US$1,330.7 million
at the end of the first quarter of fiscal year 2020.
Outlook for Second Quarter of Fiscal Year 2021
New Oriental expects total net revenues in the second quarter of
fiscal year 2021 (September 1, 2020
to November 30, 2020) to be in the
range of US$863.7 million to
US$887.3 million, representing
year-over-year growth in the range of 10% to 13%.
This forecast reflects New Oriental's current and preliminary
view, which is subject to change.
Conference Call Information
New Oriental's management will host an earnings conference call
at 8 AM on October 13, 2020, U.S. Eastern Time (8 PM on October 13,
2020, Beijing/Hong Kong
Time).
Please register in advance of the conference, using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, passcode and unique registrant ID.
Conference call registration link:
https://apac.directeventreg.com/registration/event/4398419. It
will automatically direct you to the registration page of "New
Oriental First Fiscal Quarter 2021 Earnings Conference Call" where
you may fill in your details for RSVP. If it requires you to enter
a participant conference ID, please enter "4398419".
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial in number(s), direct
event passcode and registrant ID) provided in the confirmation
email received at the point of registering.
A replay of the conference call may be accessed by phone at the
following number until October 13,
2020:
International:
|
+61 2 8199
0299
|
Passcode:
|
4398419
|
Additionally, a live and archived webcast of the conference call
will be available at http://investor.neworiental.org.
About New Oriental
New Oriental is the largest provider of private educational
services in China offering a wide
range of educational programs, services and products to a varied
student population throughout China. New Oriental's program, service and
product offerings consist of K-12 after-school tutoring, test
preparation, language training for adults, pre-school education,
primary and secondary school education, education materials and
distribution, online education, and other services. New
Oriental's ADSs, each of which represents one common share,
currently trade on the New York Stock Exchange under the symbol
"EDU."
For more information about New Oriental, please
visit http://www.neworiental.org/english/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the outlook for the second quarter of fiscal year 2021, quotations
from management in this announcement, as well as New Oriental's
strategic and operational plans, contain forward-looking
statements. New Oriental may also make written or oral
forward-looking statements in its reports filed or furnished to the
U.S. Securities and Exchange Commission, in its annual reports to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about New Oriental's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our ability to attract students without a significant
decrease in course fees; our ability to continue to hire, train and
retain qualified teachers; our ability to maintain and enhance our
"New Oriental" brand; our ability to effectively and efficiently
manage the expansion of our school network and successfully execute
our growth strategy; the outcome of ongoing, or any future,
litigation or arbitration, including those relating to copyright
and other intellectual property rights; competition in the private
education sector in China; changes in our revenues and certain cost
or expense items as a percentage of our revenues; the expected
growth of the Chinese private education market; Chinese
governmental policies relating to private educational services and
providers of such services; health epidemics and other outbreaks in
China; and general economic conditions in China. Further
information regarding these and other risks is included in our
annual report on Form 20-F and other documents filed with the
Securities and Exchange Commission. New Oriental does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this
press release and in the attachments is as of the date of this
press release, and New Oriental undertakes no duty to update such
information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement New Oriental's consolidated financial results
presented in accordance with GAAP, New Oriental uses the following
measures defined as non-GAAP financial measures by the SEC: net
income excluding share-based compensation expenses and gain /
(loss) from fair value change of long-term investments, operating
income excluding share-based compensation expenses, operating cost
and expenses excluding share-based compensation expenses, general
and administrative expenses excluding share-based compensation
expenses, operating margin excluding share-based compensation
expenses, and basic and diluted net income per ADS and per share
excluding share-based compensation expenses and gain / (loss) from
fair value change of long-term investments. The presentation of
these non-GAAP financial measures is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. For more
information on these non-GAAP financial measures, please see the
tables captioned "Reconciliations of non-GAAP measures to the most
comparable GAAP measures" set forth at the end of this release.
New Oriental believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses and gain / (loss) from fair value change of long-term
investments that may not be indicative of its operating performance
from a cash perspective. New Oriental believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing its performance and when planning and
forecasting future periods. These non-GAAP financial measures also
facilitate management's internal comparisons to New Oriental's
historical performance and liquidity. New Oriental believes these
non-GAAP financial measures are useful to investors in allowing for
greater transparency with respect to supplemental information used
by management in its financial and operational decision making. A
limitation of using these non-GAAP measures is that they exclude
share-based compensation charge and gain / (loss) from fair value
change of long-term investments that has been and will continue to
be for the foreseeable future a significant recurring expense in
our business. Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying tables have more
details on the reconciliations between GAAP financial measures that
are most directly comparable to non-GAAP financial measures.
Contacts
For investor and media inquiries, please contact:
Ms. Rita
Fong
|
Ms. Sisi
Zhao
|
FTI
Consulting
|
New Oriental
Education & Technology Group Inc.
|
Tel: +852 3768
4548
|
Tel: +86-10-6260-5568
|
Email:
rita.fong@fticonsulting.com
|
Email:
zhaosisi@xdf.cn
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
As of August
31
|
|
As of May
31
|
2020
|
|
2020
|
(Unaudited)
|
|
(Audited)
|
|
USD
|
|
USD
|
ASSETS:
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
1,047,605
|
|
915,057
|
Term
deposits
|
291,762
|
|
284,793
|
Short-term
investments
|
2,778,408
|
|
2,318,280
|
Accounts receivable,
net
|
4,939
|
|
4,178
|
Inventory,
net
|
31,093
|
|
31,324
|
Prepaid expenses and
other current assets, net
|
201,298
|
|
199,404
|
Amounts due from
related parties, current
|
29,320
|
|
3,384
|
Total current
assets
|
4,384,425
|
|
3,756,420
|
|
|
|
|
Restricted cash,
non-current
|
4,874
|
|
4,367
|
Property and
equipment, net
|
743,813
|
|
672,455
|
Land use rights,
net
|
6,249
|
|
6,037
|
Amounts due from
related parties, non-current
|
22,995
|
|
22,709
|
Long-term
deposits
|
65,122
|
|
62,116
|
Intangible assets,
net
|
11,010
|
|
10,246
|
Goodwill,
net
|
90,225
|
|
80,366
|
Long-term investments,
net
|
434,756
|
|
431,101
|
Deferred tax assets,
non-current, net
|
49,085
|
|
63,324
|
Right-of-use
assets
|
1,487,164
|
|
1,425,466
|
Other non-current
assets
|
29,547
|
|
22,278
|
Total
assets
|
7,329,265
|
|
6,556,885
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
(including accounts payable of the consolidated variable interest
entities without recourse to
New Oriental of US$31,658 and US$32,112 as of May 31, 2020
and August 31, 2020, respectively)
|
34,432
|
|
33,147
|
Accrued expenses and
other current liabilities (including accrued expenses and other
current liabilities of the
consolidated variable interest entities without recourse to New
Oriental of US$581,576 and US$586,817 as of May 31,
2020 and August 31, 2020, respectively)
|
630,622
|
|
634,619
|
Income taxes payable
(including income tax payable of the consolidated variable interest
entities without recourse to
New Oriental of US$87,331 and US$128,710 as of May 31, 2020 and
August 31, 2020, respectively)
|
135,741
|
|
101,385
|
Amounts due to related
parties (including amounts due to related parties of the
consolidated variable interest entities
without recourse to New Oriental of US$1,590 and US$1,817 as of May
31, 2020 and August 31, 2020, respectively)
|
1,817
|
|
1,590
|
Deferred revenue
(including deferred revenue of the consolidated variable interest
entities without recourse to New
Oriental of US$1,317,645 and US$1,558,757 as of May 31, 2020
and August 31, 2020, respectively)
|
1,563,138
|
|
1,324,384
|
Operating lease
liability-current (including operating lease liabilities-current of
the consolidated variable interest
entities without recourse to New Oriental of US$376,177 and
US$397,735 as of May 31, 2020 and August 31, 2020,
respectively)
|
411,608
|
|
384,239
|
|
|
|
|
Total current
liabilities
|
2,777,358
|
|
2,479,364
|
|
|
|
|
Deferred tax
liabilities, non-current (including deferred tax liabilities of the
consolidated variable interest entities
without recourse to New Oriental of US$12,392 and US$13,236 as of
May 31, 2020 and August 31, 2020, respectively)
|
13,348
|
|
11,906
|
Long term loan
(including Long term loan of the consolidated variable interest
entities without recourse to New
Oriental of nil and nil as of May 31, 2020 and August 31, 2020,
respectively)
|
-
|
|
117,881
|
Unsecured senior notes
(including unsecured senior notes of the consolidated variable
interest entities without recourse
to the New Oriental of nil and nil as of May 31, 2020 and August
31, 2020, respectively)
|
298,226
|
|
-
|
Operating lease
liabilities (including operating lease liabilities of the
consolidated variable interest entities without
recourse to New Oriental of US$1,054,149 and US$1,059,956 as of May
31, 2020 and August 31, 2020, respectively)
|
1,091,258
|
|
1,077,923
|
|
|
|
|
Total long-term
liabilities
|
1,402,832
|
|
1,207,710
|
|
|
|
|
Total
liabilities
|
4,180,190
|
|
3,687,074
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
New Oriental
Education & Technology Group Inc. shareholders'
equity
|
3,025,064
|
|
2,733,295
|
Non-controlling interests
|
124,011
|
|
136,516
|
Total
equity
|
3,149,075
|
|
2,869,811
|
|
|
|
|
Total liabilities
and equity
|
7,329,265
|
|
6,556,885
|
|
|
|
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands
except for per share and per ADS amounts)
|
|
|
|
|
For the Three
Months Ended August 31
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
Net
revenues
|
986,366
|
|
1,071,777
|
|
|
|
|
Operating cost and
expenses (note 1)
|
|
|
|
Cost of
revenues
|
464,866
|
|
440,229
|
Selling and
marketing
|
116,883
|
|
101,193
|
General and
administrative
|
254,312
|
|
284,159
|
Total operating
cost and expenses
|
836,061
|
|
825,581
|
Operating
income
|
150,305
|
|
246,196
|
Gain (Loss) from fair
value change of long-term investments
|
1,246
|
|
(11,282)
|
|
|
|
|
Other income,
net
|
61,572
|
|
19,953
|
Provision for income
taxes
|
(59,122)
|
|
(50,836)
|
Loss from equity
method investments
|
(3,167)
|
|
(803)
|
Net
income
|
150,834
|
|
203,228
|
|
|
|
|
Add: Net loss
attributable to non-controlling interests
|
23,818
|
|
5,762
|
|
|
|
|
Net income
attributable to New Oriental Education & Technology
Group Inc.'s shareholders
|
174,652
|
|
208,990
|
|
|
|
|
Net income per
common share / ADS
|
|
|
|
-
Basic
|
1.10
|
|
1.32
|
-
Diluted
|
1.09
|
|
1.31
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
RECONCILIATION OF
NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP
MEASURES
|
(In thousands
except for per share and per ADS amounts)
|
|
|
|
For the Three
Months Ended August 31
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
|
|
|
|
General and
administrative expenses
|
254,312
|
|
284,159
|
Less: Share-based
compensation expenses in general and administrative
expenses
|
11,753
|
|
10,619
|
Non-GAAP general and
administrative expenses
|
242,559
|
|
273,540
|
|
|
|
|
Total operating cost
and expenses
|
836,061
|
|
825,581
|
Less: Share-based
compensation expenses
|
15,833
|
|
11,020
|
Non-GAAP operating
cost and expenses
|
820,228
|
|
814,561
|
|
|
|
|
Operating
income
|
150,305
|
|
246,196
|
Add: Share-based
compensation expenses
|
15,833
|
|
11,020
|
Non-GAAP operating
income(loss)
|
166,138
|
|
257,216
|
|
|
|
|
Operating
margin
|
15.2%
|
|
23.0%
|
Non-GAAP operating
margin
|
16.8%
|
|
24.0%
|
|
|
|
|
Net income
attributable to New Oriental
|
174,652
|
|
208,990
|
Add: Share-based
compensation expenses
|
11,120
|
|
9,890
|
Less: Gain (loss)
from fair value change of long-term investments
|
1,246
|
|
(11,282)
|
Non-GAAP net income
attributable to New Oriental
|
184,526
|
|
230,162
|
|
|
|
|
Net income per ADS
attributable to New Oriental- Basic (note 2)
|
1.10
|
|
1.32
|
Net income per ADS
attributable to New Oriental- Diluted (note 2)
|
1.09
|
|
1.31
|
|
|
|
|
Non-GAAP net income
per ADS attributable to New Oriental - Basic (note 2)
|
1.16
|
|
1.45
|
Non-GAAP net income
per ADS attributable to New Oriental - Diluted (note 2)
|
1.15
|
|
1.44
|
|
|
|
|
Weighted average
shares used in calculating basic net income per ADS (note
2)
|
158,930,841
|
|
158,246,454
|
Weighted average
shares used in calculating diluted net income per ADS (note
2)
|
159,769,635
|
|
159,667,569
|
|
|
|
|
Non-GAAP income per
share - basic
|
1.16
|
|
1.45
|
Non-GAAP income per
share - diluted
|
1.15
|
|
1.44
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
Note 1: Share-based
compensation expenses (in thousands) are included in the operating
cost and expenses as follows:
|
|
|
|
|
|
For the Three
Months Ended August 31
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
Cost of
revenues
|
1,483
|
|
36
|
Selling and
marketing
|
2,597
|
|
365
|
General and
administrative
|
11,753
|
|
10,619
|
Total
|
15,833
|
|
11,020
|
|
|
Note 2: Each ADS represents one
common share.
|
View original
content:http://www.prnewswire.com/news-releases/new-oriental-announces-results-for-the-first-fiscal-quarter-ended-august-31-2020-301150837.html
SOURCE New Oriental Education and Technology Group Inc.